ARGO Real Estate has acquired The Merlin Centre at Cressex Business Park in High Wycombe, Buckinghamshire, from a fund managed by Aberdeen Investments for close to £50m.
Merlin Centre, High Wycombe
The 213,004 sq ft multi-let industrial estate was acquired as part of ARGO’s brown-to-green urban logistics strategy with Blue Coast Capital.
The estate comprises 12 units ranging from 8,300 sq ft to 40,200 sq ft and is fully let to 11 occupiers.
“The Merlin Centre is a high‑quality urban industrial estate with strong fundamentals, excellent connectivity and a well‑established occupier base,” said James Brown, investment manager at ARGO.
“It offers a clear opportunity to drive income growth and long‑term value through active asset management and targeted capital investment.”
ARGO’s joint venture with Blue Coast Capital made its debut in March 2025 with the purchase of the Tuscam Trading Estate in Camberley, Surrey, for around £40m.
Subsequently, ARGO also acquired the Harp Trading Estate in Trafford Park, Manchester, Beckton Trade Park in East London and two estates in Oxford and Chelmsford in January.
ARGO chief executive Crispin Gandy said: “The Merlin Centre exemplifies the type of assets we are targeting: dominant multi‑let estates in excellent locations where our hands-on, brown‑to‑green strategy can transform accommodation to meet modern occupier requirements and deliver secure, long-term, risk-adjusted returns.”
Peter Tomley, deputy fund manager at Aberdeen Investments, added: “Completion of the asset‑level business plan created a clear opportunity to divest and capture the value generated. This deal marks a successful conclusion to our strategy for the asset and reflects continued demand for urban logistics real estate investments.”
ARGO was advised by Walker Morris. ARGO and Blue Coast were advised by DTRE. Aberdeen was advised by ACRE Capital.
Ed Morgan, partner in the corporate team of international law firm Charles Russell Speechlys, told Property Week the deal was indicative of a broader trend in the market as 2030 Minimum Energy Efficiency Standards (MEES) deadline approaches.
“Core institutional investors are increasingly taking the opportunity to crystallise value from their portfolios by selling ‘brown’ assets to specialist operators like ARGO,” he said.
“These specialists look to reposition and refurbish these assets into ESG-compliant ‘green’ stock, which commands significant rental premiums from net-zero-focussed occupiers. Once repositioned, these assets become highly attractive to core investors seeking long-term, stabilised green income. ARGO’s strategy with Blue Coast Capital further reflects the shift toward the refurbishment of existing assets over speculative ground-up development. The income-producing nature of these assets offers a reduced risk profile regarding both construction costs and post-build vacancy.”
He added: “We anticipate a continued rise in these ‘brown-to-green’ platform deals as clients increasingly prioritise sustainable, urban logistics portfolios.”
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